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,. . I , I ,: . . 00000-00 '::r'" ~H~985 F5881 ..~~. l£~6£e¿ ~ ~ ~J~::~' 'tVu:J ~ ~LUr;~-,!o Io/¡'/~ A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AND AUTHORIZING AND DIRECTING EXECUTION OF SU8LEASE OF LAND AND PUBLIC SPORTS ARENA FACILITIES FROM THE CITY OF SANTA ANA AND RELATED TRUST AGREEMENT, APPROVING SALE OF $ 40.000.0 OoCERTIFICATES OF PARTICIPATION, APPROVING OFFICIAL STATEMENT AND RELATED DOCUMENTS, AND AUTHORIZING OFFICIAL ACTION WHEREAS, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") has requested the City of Santa Ana (the "City") to acquire and construct certain public sports arena facilities and related property on land located within the Downtown Redevelopment Project Area of the Agency, which land is currently leased by the City from the Civic Center Authority; and WHEREAS, such facilities and land (the "Project") are proposed to be subleased by the City to the Agency pursuant to that certain Sublease Agreement dated as of December I, 1985, between the City as sublessor and the Agency as sublessee (the "Sublease Agreement"); and WHEREAS, the Agency's obligations under the Sublease Agreement are special obligations limited solely to the revenues and amounts described therein, including but not limited to amounts derived by the Agency from any sub-sublease of the Project to a private developer; and WHEREAS, the Agency's obligations under the Sublease Agreement are to be secured by (among other things) a direct-pay letter of credit to be issued by.The Mitsubishi Trust and Banking Corporation; and WHEREAS, the City proposes to finance all such acquisition and construction by asstgning to a trustee bank (the "Trustee") certain rights of the City under the Sublease Agreement, pursuant to that certain Assignment Agreement, dated as of December I, 1985, (the "Assignment Agreement") by and between the City and a trustee bank (the "Trustee") and WHEREAS, the City, the Agency and the Trustee propose to enter into that certain Trust Agreement, dated as of December 1, 1985, (the "Trust Agreement") whereby the Trustee agrees to execute and de 1 i ver certain Certificates of Participation in the aggregate principal amount of $40.000.000 (the "Certificates"), evidencing the proportionate interests of the owners thereof in installment payments made by the Agency under the Sublease Agreement; and WHEREAS. foF. Hutton & Co., Inc. as underwriter (the "Underwriter") has proposed to submit an offer to purchase the Certificates pursuant to that certain Contract of Purchase in substantially the form on file with the Secretary of the Agency, among the Ci ty, the Agency and the Trustee (the "Contract of Purchase"), and have heretofore caused to be prepared a preliminary Official Statement describing the Certificates; and -1-